Industrial Cyber Security Market Worth USD 23.62 Billion By 2032 With 4.45% CAGR

MRFR Press Release/- Market Research Future published a half cooked research report on Industrial Cyber Security Market.

Market Highlights:

The Industrial Cyber Security Market is projected to grow from USD 16.67 billion in 2024 to USD 23.62 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.45% during the forecast period (2024 - 2032). Additionally, the market size for industrial cyber security was valued at USD 15.87 billion in 2023.

Industrial cyber security is a highly growing and dynamic area of concern and includes the industrial control systems, network security, the hardware and the software solutions which is designed for the secured operation of machines and plants in the industries. It manages, monitors and look up to everything connected centrally and operated by machines like OT, power plants and other energy related systems. The industrial Cyber security market is highly competitive. Many dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. The leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The Industrial Cyber Security market is highly competitive due to the increase in web based applications and larger penetration of Internet towards IoT and Government funding towards secured centrally connected systems.

The Industrial Cyber Security market holds some of the major and diversified key players such as IBM Corporation (US), Honeywell International Inc (US), ABB ltd (Switzerland), Cisco Systems, Schneider Electric (France), Rockwell Automation (US), Dell Inc, Bayshore Networks (US) and Kaspersky labs (Russia).

Regional Analysis

The Industrial Cyber Security market is expected to grow at a fast pace over the forecasted period of 2017 -2023. Many government and large organizations are raising funds to tackle the situation of security breaches and increase in the internet penetration of web based applications for a more number of connected devices for easier and safer transmission of data over the secured networks. Industrial Cyber security is facing many challenges and the major challenge that is present till date is the vulnerability of IoT and connected devices. The Industrial cyber security market is expected to have a higher growth rate each year as the technology for connected devices by a central management system is on the boom and more number of connected devices are growing significantly each year.

The Industrial cyber security market is segmented into four major regions such as North America, Asia pacific, Europe and Rest of the world. Out of these geographies, the growth of cyber security market is higher in North America in the terms of advancements in the technology, manufacturing process operations and better industrial infrastructure. Among all the regions North America is the hub for a large number of industries and due to early adoption of innovative technology. However, Asia – pacific is following the lead because of increasing opportunities in emerging countries of Middle East, their adoption towards cloud services, demand for digitalization demand for data management and inclination to industrial automation. Also the emerging economies like India, China and Japan contribute more towards the overall market share.